REPORT OF THE COMMISSIONER OF INSURANCE.


137


attorney living in Houston, Texas, who had made a 'speeialty
of employers' liability insurance. Some two hundred subscrib-
ers were obtained, and the exehange commenced business in
February, 1909, at Houston,. Texas. The first year it wrote
premium deposits to the. amount of $17,000; the second, $32,000;
and in March, 1912, it removed its offices to Kansas City,
Missouri., which was already becoming quite a center for inter-
insurers associations.  The third year the exchange wrote de-
polsit premiums to the amount of $61,000; the fourth year,
$127,000; and the fifth may be determined from the financial
statement.
FORMS OF BUSINESS
The exchange writes employers' liability, plate glass, and
automobile insuraince. The two latter forms are simply divi-
sions of the former. The employers' liability insurance is con-
fined almost wholly to operators of laundries, the plate glass
against breakage of glass, and the automobile to accidents to
employes of laundries while driving or riding in automobiles.
There is a separate. set of accounts kept for ea-ch of these three
divisions, and the, premium, receipts, the expenditures, and the
savings are accounted for severally and not jointly in each class.
LIMIT OF LIABILITY
The exchange limits its liability on any one accident resulting
in bodily injuries or death to $7500, if such person is employed
by a subscriber.; and to $5000 if the person is not employed by
a. subscriber. The total liability of the exchange for any one
accident resulting in bodily injuries or death of more than one
person is limited to $10,000.
LIABILITY OF SUBS RI13ER
Ea~ch subscriber is liable to a sum equal to his annual deposit
in ease excess losses occur. As yet the exchange has made no
provision for reinsuring this risk, but provision is made in the
power of attorney to allow the attorney-in-fact five per cent
to defray this expense. The subscribers desiring immunity
from any assessments have paid the extra five per cent and the
attoriley-ill-falct his 'sSu 4ctlmC, liability.